Western

NHI, LCS Form Joint Venture to Acquire Timber Ridge CCRC in Washington for $133M

by Amy Works January 7, 2020

ISSAQUAH, WASH. — National Health Investors (NHI) has formed a joint venture with an affiliate of Life Care Services (LCS) to acquire and operate Timber Ridge at Talus, a continuing care retirement community (CCRC) in Issaquah. The buyers will acquire Timber Ridge from a joint venture between Westminster Capital and LCS for $133 million, exclusive of closing costs that are estimated to be approximately $2 million. Originally built in 2008 and expanded in 2017, the property features 401 units, including 330 independent living apartments, 14 assisted living apartments, 12 memory care apartments and 45 skilled nursing beds. At the time of sale, the property was more than 95 percent occupied. The joint venture consists of two parts: the property company and an operating company. The operating company will be capitalized with $3.2 million initially. NHI will own an 80 percent ownership interest in the property company and LCS will own the remaining 20 percent; NHI will own a 25 percent interest in the operating company and LCS will own 75 percent. Additionally, NHI is contributing $43.2 million to the property company and $800,000 to the operating company for working capital. NHI has also agreed to provide financing to the property …

January 7, 2020

California Development Loans Multifamily Student Housing Western

Shamrock Acquisitions Receives $68.8M Construction Financing for Student Housing Community in California

by Amy Works January 7, 2020

MERCED, CALIF. — Shamrock Acquisitions has received $68.8 million in construction financing for the development of Merced Station, an 885-bed student housing community located near the University of California, Merced. Scott Meredith of George Smith Partners secured the financing from an affiliate of Mosaic Real Estate Credit on behalf of the borrower. The community will offer two-, three- and four-bedroom units. Shared amenities will include retail space, a state-of-the-art clubhouse, swimming pool, spa, basketball court, fitness room and study lounge. Construction is scheduled for completion in summer 2021.

January 7, 2020

Acquisitions Montana Retail Western

Newmark Knight Frank Arranges $27.5M Sale of Gallatin Center Retail Asset in Bozeman, Montana

by Amy Works January 7, 2020

BOZEMAN, MONT. — Newmark Knight Frank has arranged the sale of Gallatin Center, a shopping center in Bozeman. Revesco (USA) Properties acquired the property from Gallatin TR for $27.5 million. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller in the transaction. Situated on the southwest quadrant of Interstate 90 and North 19th Street, Gallatin Center is occupied by Ross Dress for Less, Michaels, Bed Bath & Beyond, PetSmart and Staples.

January 7, 2020

Acquisitions Colorado Hospitality Western

Noble Investment Group Buys 302-Room, Dual-Branded Hotel Asset in Downtown Denver

by Amy Works January 7, 2020

DENVER — Noble Investment Group has purchased a dual-branded hotel property in downtown Denver for an undisclosed price. The asset includes Hampton Inn & Suites Downtown Denver and Homewood Suites by Hilton Downtown Denver. The name of the seller was not released. The hotels feature a combined 302 guest rooms; health and fitness facilities; an indoor pool and whirlpool; 7,000 square feet of meeting and boardroom space; and a restaurant, 550 Bar and Patio. The properties are located in Denver’s downtown district that is walkable to more than 25 million square feet of office space, over 300 restaurants, three major sports stadiums, the Pepsi Center and Denver Performing Arts Center.

January 7, 2020

Colorado Development Multifamily Seniors Housing Western

Resort Lifestyle Communities Opens Sky Pointe Independent Living Community in Colorado

by Amy Works January 7, 2020

LITTLETON, COLO. — Resort Lifestyle Communities has opened Sky Pointe, an independent living community in the Denver suburb of Littleton. Sky Pointe offers 128 apartments for rent in studio, one-, two- and three-bedroom options. “From our research, we found that Denver’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities. Based in Lincoln, Neb., Resort Lifestyle Communities has 45 independent living communities either open or under construction throughout the country.

January 7, 2020

Acquisitions Multifamily Top Stories Washington Western

Security Properties, Pacific Life Acquire Anthology Multifamily Asset in Metro Seattle for $163.3M

by Jeff Shaw January 6, 2020

ISSAQUAH, WASH — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Anthology, a 398-unit new construction multifamily property in Issaquah for $163.3 million. Located at 1610 Anthology Ave. NW, Anthology is situated 14 miles southeast of Seattle in the Puget Sound region. Anthology offers studio, one-, two- and three-bedroom apartments. Amenities include a two-story clubhouse featuring a game room with shuffleboard and billiards, conference room and community kitchen. The complex also features a fitness center with yoga studio and bike room, a pool, barbecues, package access, bicycle storage and repair station, a park and easy access to nature trails. Security Properties Residential, an affiliate of Security Properties, will manage the property. The Issaquah Reporternotes that Anthology is one of three similar residential projects along Newport Way NW. The Puget Sound area as whole has experienced a housing crisis with growth of tech companies and Amazon creating a booming population and a scarcity of affordable housing. Bisected by Interstate 90, Issaquah allows commuters access to downtown Seattle and nearby employers, including Microsoft, Amazon and Costco. The Issaquah suburb has grown rapidly since 2000, nearly quadrupling its population, which is now almost 40,000. The area is affluent, …

January 6, 2020

Acquisitions California Multifamily Western

Gelt Sells 232-Unit Monterra Ridge Apartments in Santa Clarita for $62.5M

by Amy Works January 6, 2020

SANTA CLARITA, CALIF. — Los Angeles-based Gelt, a real estate investment and asset management firm, has completed the disposition of Monterra Ridge Apartments, a 232-unit multifamily community located in Santa Clarita. Culver City, Calif.-based BAG Investments acquired the property for $62.5 million. Built in 1985, Monterra Ridge is located at 28085 Whites Canyon Road. The pet-friendly property features 16 buildings totaling 88 one-bedroom/one-bathroom units and 144 two-bedroom/two-bathroom units. Community amenities include covered parking, a fitness center, sand volleyball court, clubhouse with a community room, swimming pool and spa. Gelt acquired the property in June 2015 for $45.5 million and implemented a capital improvement program that included renovating approximately 65 percent of the unit interiors with new cabinetry faces and fixtures, stainless steel appliances, vinyl-plank flooring in the living room and new ceiling fans, among other upgrades. Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus & Millichap, represented both sides of the transaction.

January 6, 2020

Acquisitions Idaho Retail Western

Geronimo Divests of Two-Property Retail Asset in Idaho for $50.9M

by Amy Works January 6, 2020

TWIN FALLS, IDAHO — Geronimo has completed the sale of Canyon Park East and Canyon Park West, a two-property retail asset located in Twin Falls. Wood Investments Cos. acquired the asset for $50.9 million. Located at 2068 Bridgeview Blvd. and 1945 Fillmore St., the properties were 100 percent leased at the time of sale. Current tenants include Ross Dress for Less, Ulta Beauty, Bed Bath & Beyond, Petco, Dick’s Sporting Goods, HomeGoods, TJ Maxx, Best Buy, Michaels, Sportsman’s Warehouse and Famous Footwear. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller in the deal.

January 6, 2020

Acquisitions California Office Western

Majestic Asset Management Acquires Two Office/R&D Buildings Near Santa Barbara for $24.2M

by Amy Works January 6, 2020

GOLETA, CALIF. — Agoura Hills, Calif.-based Majestic Asset Management has purchased two office and R&D buildings situated on adjacent parcels in Goleta. An undisclosed seller sold the asset for $24.2 million. Located at 125 and 175 Cremona Drive, the buildings offer a total of 133,299 square feet of space situated on 8.17 acres. Medtronic occupies 125 Cremona Drive, but will vacate the 82,132-square-foot building in February. Resonant, Surgical Eye Expeditions International and Ricardo Defense are tenants at the 51,167-square-foot property at 175 Cremona Drive. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented all parties in the sale transaction.

January 6, 2020

Acquisitions Multifamily Washington Western

Bell Partners Buys 222-Unit Alexan Marymoor Multifamily Asset in Redmond, Washington

by Amy Works January 6, 2020

REDMOND, WASH. — Bell Partners, on behalf of its Fund VII investors, has acquired Alexan Marymoor, an apartment community in Redmond, for an undisclosed price. The buyer plans to rename the property Bell Marymoor Park, as well as manage it. Built in 2019, Bell Marymoor Park features 222 apartments with stainless steel appliances, vinyl-plank flooring, quartz countertops, tile backsplashes and in-unit washers and dryers. Community amenities include a rooftop treehouse with grilling stations, a bar, fireplace and sun-nooks; an arboretum; a bike repair station and storage; a conference center; and a fitness center. This is Bell Partners’ second acquisition in the Seattle metro area, following the purchase of Bell Overlake in September 2019.

January 6, 2020

Newer Posts

Older Posts